incept

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The ratings of HDI-GAIC largely reflect its solid risk-adjusted capitalization and the benefit of the explicit support provided through substantial internal reinsurance by HDI-Gerling Industrie Versicherung AG (HGI) (Germany) and its subsidiary and immediate parent of HDI-GAIC, HDI-Gerling Welt Service AG (HGWS) (Germany), via significant facultative cessions and 95% quota share treaties, which have been in effect since January 1, 2000 and July 1, 2008, respectively; a retroactive reinsurance cover with HGI that covers any net adverse development on policies incepting prior to January 1, 2000; and the implied support of future parental commitment.
While the number of workers' compensation policies incepting during the third quarter of 1993 was 70 percent higher than those incepting during that third quarter of 1992, the average premium size of those policies declined to $24,000 from $36,000 in the same period in 1992.
However, as a result of the company's shift in emphasis away from larger-premium workers' compensation business which began in mid-1992, the number of policies incepting during the second quarter of 1993 were triple those incepting during the second quarter of 1992 and the average premium size of those policies declined to $15,000 from $40,500 in the same period in 1992.
The Syndicate will commence operations in May, underwriting business incepting on or after June 1, 2009.
The parties have agreed that all business of North Star and Signet incepting prior to Jan.
8 million, after taxes, recorded in the third quarter of 2008 in connection with Wesco-Financial Insurance Company's quota-share reinsurance of 2% of Swiss Re's property-casualty insurance risks incepting over a five-year period effective in 2008, (2) bank deposit insurance losses of $4.
Based on currently available information, business incepting in 2006, of which a material portion will be earned and recorded in 2007, is projected to achieve a net loss ratio that is meaningfully lower than that of business incepting in 2005, just as the net loss ratio on business incepting in 2005 was meaningfully lower than that of business incepting in 2004.
The decrease in net income for the year ended December 31, 2006, as compared to the comparable period in 2005, is largely due to an increase in the loss ratio on medical stop-loss business written prior to 2006, a reduction in fee income due to lower premiums produced by our MGUs in 2006, and lower profit commissions received by our MGUs due to higher loss ratios on business incepting in prior years.
Using BIL's retrocessional team operating from Bermuda, Norton Re will participate on treaties incepting from 1 January 2007.
Our net income for the third quarter and the nine months ended September 30, 2006 was negatively impacted by further development on our medical stop-loss business incepting in 2005 and in 2004, which caused reduced underwriting profitability.
Our Medical Stop-Loss line was affected by further development on business incepting in 2005 and, to a lesser extent, in 2004, which caused reduced underwriting profitability.
Roy Thung, Chief Executive Officer, commented, "Our results continue to be adversely affected by (i) further development on Medical Stop-Loss business incepting in 2005 and, to a lesser extent, in 2004, which caused reduced underwriting profitability for Independence American, (ii) lower MGU fee income as a result of corrective underwriting actions that reduced medical stop-loss premiums and (iii) lower fee income from profit commissions received by our MGUs.